new -- call it greenfield or expansions. But also something we didn't see last couple of years in the downturn

new call it greenfield or expansions but also something we didn't see the last couple of years in the downturn


do you feel like the average number of Resources professionals on assignment at a typical client will go up?

do you feel like the average number of resources professionals on assignment at a typical client will go up


which began in the first quarter of 2015, but these reductions could not offset the impact of our reduced sales levels.

which began in the first quarter of 2015 but these reductions could not offset the impact of our reduced sales levels


once Vancouver Energy is up and operating, we'll use crude oil into the facility to supply our West Coast operations, but there's no

once vancouver energy is up and operating we'll use kudol into the facility to supply our west coast operations but there's no


we look at inspiration from our customers, we look at inspiration from others, but we also look at inspiration from the tech

we look at inspiration from our customers we look at inspiration from others but we also look at inspiration from the tech


which includes increased overhead cost from our Barnwell, South Carolina facility that are not fully absorbed by production and sales.

which includes increased overhead costs from our barnwell south carolina facility that are not fully absorbed by production and sales


the nation. I was curious in just how you think about that now that you have a growing base outside of New York, California, you mentioned having strong unit volume.

the nation i was curious in just how you think about that now that you have a growing base outside of new york california you mentioned having strong unit volume


We continued to improve our guest technology experience and increased our revenue through online ticketing capabilities.

we continue to improve our guest technology experience and increase our revenue through online ticketing capabilities


Just a word on RoRE, return on regulated equity. We did promise in previous results that we'd give you an ongoing

just a word on rory return on regulated equity we did promise in previous results that we'd give you an ongoing


issued safety directives requiring operators to suspend public transport flights and commercial air transport operations


In addition, while not a primary endpoint, the IOP reduction will also need to be clinically meaningful for regulatory approval.

in addition while not a primary endpoint the iop reduction will also need to be clinically meaningful for regulatory approval


We'll accelerate our customer experience and digital capabilities. We'll bring newly designed store concepts to market

will accelerate our customer experience and digital capabilities will bring newly designed store concepts to market


With strong residential demand, dealer intimacy and a steady stream of new products, our outlook for the aquatics business remains strong.

with strong residential demand dealer intimacy and a steady stream of new products our outlook for the aquatics business remains strong


The performance of these 2 businesses was not enough in the quarter to offset the margin impact from thermal management.

the performance of these 2 businesses was not enough in the quarter to offset the margin impact from thermal management


I now hand over to Andy to go through the financial highlights and provide some updates on our portfolio. Thanks, George.

i now hand over to andy to go through the financial highlights and provide some updates on our portfolio thanks george


Please be advised that this call is being taped at the company's request and will be archived on the company's website starting later today.

please be advised that this call is being taped at the company's request and will be archived on the company's website starting later today


are actually being very helpful with us to address their markets, while they're rolling out the product.

are actually being very helpful with us to address their markets while they're rolling out the product


Looking forward, we will proceed carefully and thoughtfully in evaluating our opportunities for enhanced capital deployment.

looking forward we will proceed carefully and thoughtfully in evaluating our opportunities for enhanced capital deployment


I do think the other piece to consider is that there will be improvements along the way as

but i do think that the other piece to consider is that there will be improvements along the way as


that took place at the end of last year. At this point, we're very comfortable that we will continue to

that took place the end of last year at this point we're very comfortable that we will continue to


Thus, we will provide billable tests, not only in our 10-Q filings, but also in our earnings calls moving forward.

thus we will provide billable tests not only in our 10-q filings but also in our earnings calls moving forward


And in terms of the retail royalties. So the sales of product in the grocery store, you mentioned

and in terms of the retail royalties so the sales of product in the grocery store you mentioned


And also, how do you think about the risk that it could partly cannibalize your existing cash sweep by increasing the beta?

and also how do you think about the risk that it could partly cannibalize your existing cash sweep by increasing the beta


One of the things that's been most exciting about smart home and that supports much of what Hubert said is that within the category,

one of the things that's been most exciting about smart home and that supports much of what yvair said is that within the category


when you have the biggest movie of all-time, you don't expect it to be a big renter. It will either be something that people saw at the theater

when you have the biggest movie of all time you don't expect it to be a big renter it will either be something that people saw at the theater


both from a new product development perspective as well as from a product characterization perspective


I mentioned that 19 customers signed with us today that were never on the old platform. So it's not that we'll be migrating them,

i mentioned that 19 customers signed with us today that were never on the old platform so it's not that we'll be migration -- migrating them


and lower volume of compliance works in the fourth quarter of 2016. Investment markets reported

and lower volume of compliance work in the fourth quarter of 2016 investment markets reported


so those are the ones that makes us a little bit cautious. But maybe we are too cautious but that's usually not a bad thing.

so those are the ones that makes us a little bit cautious but maybe we are too cautious but that's usually not a bad thing


Assuming the pipeline is fully subscribed, the capacity could be expanded to about 1 million barrels per day.

assuming the pipeline is fully subscribed the capacity could be expanded to about 1 million barrels per day


We typically don't guide for what exactly the figure will be. But the majority of the impact you will still see

we typically don't guide for what exactly the figure will be but the majority of the impact you will still see


the business has faced a number of challenges over the past few years. In particular, sales growth has been volatile.

the business has faced a number of challenges over the past few years in particular sales growth has been volatile


We've been at or above the high end of our long-term target range for organic sales growth for the past 2 quarters,

we've been at or above the high end of our long-term target range for organic sales growth for the past 2 quarters


And on that note, I would like to turn the call over to Keith to provide a summary of our financial results for the second quarter.

and on that note i would like to turn the call over to keith to provide a summary of our financial results for the second quarter


in our cost-to-income ratio and creating even greater capacity for future investments.


This analytical program, which includes many reservoir stress conditional laboratory experiments will continue over the next several quarters.

this analytical program which includes many reservoir stress condition laboratory experiments will continue over the next several quarters


The biggest area of fabric utilization in the hotel area is the window treatments.

the biggest area of fabric utilization in the hotel area is the window treatments


versus science of capturing weather and the impact of weather, and we did have some significant mild weather in the quarter. So I'm

versus science of capturing weather and the impact of weather and we did have some significant mild weather in the quarter so


But what has happened is a fairly consistent pace of dispositions with a pretty wide pool of buyers,

but what has happened is a fairly consistent pace of dispositions with a pretty wide pool of buyers


We are working with our insurer to receive regular business interruption payments as we negotiate finalized claim amounts.

we are working with our insurer to receive regular business interruption payments as we negotiate finalized claim amounts


what level of dilution would be unacceptable to you as stewards of the


we believe our proprietary biopreservation media products have been used in more than 300 customer clinical applications.


Turning to exploration. We remain focused on adding resources that are attractive in the current price environment.

turning to exploration we remain focused on adding resources that are attractive in the current price environment


With the changes relating to the corporate transformation program and the organizational streamlining now well behind us,

with the changes relating to the corporate transformation program and the organizational streamlining now well behind us


Services revenue grew by 11% from last year, with higher sales of both consulting and contracted services.

services revenue grew by 11% from last year with higher sales of both consulting and contracted services


peg it exactly like that, because it's changing pretty quickly as we win new applications.

peg it exactly like that because it's changing pretty quickly as we win new applications


You reduce the number of pieces of equipment on the highway because you're able to haul more with a more concentrated footprint.

you reduce the number of pieces of equipment on the highway because you're able to haul more with a more concentrated footprint


and Kevin's addressed the obvious question of what happened to the political. So I'll keep my comments brief to a few other items.

and kevin's addressed the obvious question of what happened to the political so i'll keep my comments brief to a few other items


So we really want to be thoughtful about how we proceed as far as our core strategy and our investment thesis.

so we really want to be thoughtful about how we proceed as far as our core strategy and our investment thesis


one of the top Enoxaparin markets in Europe in terms of volume and value with good sales prospects.

one of the top and accompanying markets in europe in terms of volume and value with good sales prospects


those that have already been contemplated within our guidance for the second half of the year. So we don't see a substantial change to that.

those had already been contemplated within our guidance for the second half of the year so we don't see a substantial change to that


relatively long-term view of the business, and so I don't feel like the cupboards are bare, that are going to need to be restocked per se

relatively long-term view of the business and so i don't feel like the coverage or bear are going to need to be restocked per se


Basically, these are companies that made their projections

basically these are companies that made their projections


Pricing and freight mix both contributed to the revenue and profitability results within Refrigerated.

pricing and freight mix both contributed to the revenue and profitability results within refrigerated


The goal this year is essentially to implement and put in place all the technology.

the goal this year is essentially to implement and put in place all the technology


doesn't really indicate that it's a higher activity level because, as you can see from the graph, Q3 of last year

doesn't really indicate that it's a higher activity level because as you can see from the graph q3 of last year


And if you can't specifically comment on that, can you discuss any historical economic differences between cartridges and discs for the pre-owned business?

and if you can't specifically comment on that can you discuss any historical economic differences between cartridges and disks for the pre-un business


Once again, we are not projecting. We are simply looking at the potential for a new console in comparison to prior consoles.

once again we are not projecting we are simply looking at the potential for a new console in comparison to prior consoles


that a sufficient number of eligible employees had been recruited to join the Mine Workers Union, thereby requiring the union to be certified.

that a sufficient number of eligible employees have been recruited to join the mine workers union thereby requiring the union to be certified


We're experienced in dealing with restructurings and took immediate steps to protect our asset and our position. The aircraft is now in our possession.

we're experienced at dealing with restructurings and took immediate steps to protect our asset and our position the aircraft is now in our possession


we want to thank Ignacio. And we have no doubt that he's one of the top executive talents of Argentina.

we want to thank ignacio and we have no doubt that he is one of the top executive talents of argentina


is going to increase according to the design of this program because subscriptions will increase


I would note that this operating environment is materially worse today than it was just 45 days ago when I presented at the Goldman conference.

i would note that this operating environment is materially worse today than it was just 45 days ago when i presented at the goldman conference


In addition to the lower tax rate, we also expect a small incremental EPS benefit from foreign exchange.

in addition to the lower tax rate we also expect a small incremental eps benefit from foreign exchange


and that these customers weren't going to be able to hold their breath -- continue to hold their breath very long.


additional confidence in the pivotal study compared to the pilot. We have more subjects, and that tends to

additional confidence in the pivotal study compared to the pilot we have more subjects and that tends to


apart maybe from these small amount of leasing that we are dealing -- we were dealing together with this,

apart maybe from this small amount of leasing that we are dealing -- we were dealing together with this


Our regional operations have been expanded or rightsized to capture a greater share of the improved economic environment. And

our regional operations have been expanded or rightsized to capture a greater share of the improved economic environment


that is focused on serving our customers and increasing accountability. Our balance sheet is in good shape.

that is focused on serving our customers and increasing accountability our balance sheet is in good shape


including changes to the licensing processes to accelerate licensing momentum, simultaneously with recruiting growth.

including changes to the licensing processes to accelerate licensing momentum simultaneously with recruiting growth


Larger platforms will compete more effectively. We expect to participate in that consolidation.

larger platforms will compete more effectively we expect to participate in that consolidation


Our soot sensor was originally developed as a commercial vehicle application to test particular emissions at the tailpipe of diesel trucks.

our soot sensor was originally developed as a commercial vehicle application to test particulate emissions at the tailpipe of diesel trucks


that you're getting today away from where you would need to see it to go and build more ADRs at this point?

that you're getting today away from where you would need to see it to go and build more adrs at this point


In early June, we hosted an Investor Day where we discussed in detail our strategic vision, transformation initiatives

in early june we hosted an investor day where we discussed in detail our strategic vision transformation initiatives


Can you maybe talk about where we stand with that? How much have we seen over the last couple of quarters and what lies ahead?

can you maybe talk about where we stand with that how much have we seen over the last couple of quarters and what lies ahead


And you never would have heard her talk like that even a year or 2 ago. So we -- Jim and I always said on these calls, which,

and you never would have heard talk like that even a year or 2 ago so we -- jim and i always say on these calls which


Although we have now confined our area to the southern section of the mine, nevertheless, the government has entered into a security agreement where it provides

although we have now confined our area to the southern section of the mine nevertheless the government has entered into a security agreement where it provides


These agreements have been signed by government, and ratification is expected during this parliamentary sitting.

these agreements have been signed by government and ratification is expected during this parliamentary sitting


As we begin to look forward, this year is going to be more focused on price increases of our premium product where

as we begin to look forward this year is going to be more focused on price increases of our premium product where


The remaining growth in first quarter adjusted EBITDA in EMEA can be attributed to higher gross profit margins

the remaining growth in first quarter adjusted ebitda in emea can be attributed to higher gross profit margins


On the Arabica market, we are more medium term. We think there'll be a price correction upwards

on the arabica market we are more medium term we think there'll be a price correction upwards


Our primary focus continues to be to deploy products that will ensure the success of our customers.

our primary focus continues to be to deploy products that will ensure the success of our customers


but I would say that they're in the range of the high 6 digit to low 7 digit price range

but i would say that they're in the range of the high 6-digit to low 7-digit price range


the last point I want to mention is the successful integration and efficiency program following the acquisition we made

and the last point i want to mention is the successful integration and efficiency program following the acquisition we made


I think the financial results show how those gains have translated into increased shareholder value as well.

i think the financial results show how those gains have translated into increased shareholder value as well


The key driver of this production improvement, compared to the same period last year, was a full production quarter at the Harvey mine.

the key driver of this production improvement compared to the same period last year was a full production quarter at the harvey mine


Our investments in new products will provide growth not just for 2016, but for sustained growth in the future.

our investments in new products will provide growth not just for 2016 but for sustained growth in the future


over this period, it really traces back to some of the elements that we need to deal with as one-offs in a very tough environment.

over this period it really traces back to some of the elements that we need to deal with as one-offs in a very tough environment


But if we look at the performance in this quarter, the comp performance within that category was the lowest of any category

but if you look at the performance in this quarter the comp performance within that category was the lowest of any category on


but we'd like to continue our progress and then show the results. So we will see improvement

but we'd like to continue our progress and then ensure the results so we will see improvement


During the second quarter, you can clearly see we are moving in the right direction. In the second half, our model will take further shape.

during the second quarter you can clearly see we are moving in the right direction in the second half our model will take further shape


to be able to proliferate across those programs and scale to meaningful penetration to be able to meaningfully contribute to growth.


So you have to separate the issue of delivering production designs and qualifications separate from a transactional sale

so you have to separate the issue of delivering production designs and qualifications separate from the transactional sale


and ultimately to become a digital organization that can grow and adapt at the pace required by a very diverse client base.


The objective is to realize the value of this company's portfolio of capabilities that have historically been entrenched in individual businesses,

the objective is to realize the value of this company's portfolio capabilities that have historically been entrenched in individual businesses


I think the expression that we used was there were times where we were chasing yield as a company.

i think the expression that we used was there were times where we were chasing yield as a company


the lack of a major outage in 2018 and achieving higher selling prices in both businesses in the second half of the year.


our equipment revenue were up by 13% and this is coming from much higher unitary price,


I will give you an update of our financial performance in the fourth quarter and developments related to our network and operations.

i will give you an update of our financial performance in the fourth quarter and developments related to our network and operations


So we believe the new contract that is in place will provide future revenue streams

so we believe the new contract that is in place will provide future revenue streams


Hence, we believe that it will be important for other stakeholders in this ecosystem to actually participate,

hence we believe that it will be important for other stakeholders in this ecosystem to actually participate


in the residential property lending business there. And of course, we successfully completed our initial public offering of common shares

in the residential property lending business there and of course we successfully completed our initial public offering of common shares


we believe the API, together with the granular building level database that I have been spending a lot of time on,

we believe the api together with the granular building level database that i have been spending a lot of time on


Higher retail impaired losses were primarily due to higher provisions, driven by the full quarter impact of acquisitions,

higher retail impaired losses were primarily due to higher provisions driven by the full quarter impact of acquisitions


We're also pleased to have been named the Best Employer for Healthy Lifestyles by the National Business Group on Health.

we're also pleased to have been named the best employer for healthy lifestyles by the national business group on health


The portfolio remains extremely diverse by design with our largest tenant representing less than 3% of rent and interest.

the portfolio remains extremely diverse by design with our largest tenant representing less than 3% of rent and interest


directly to AstroNova. In late October, we were successful in transitioning several of the larger contracts.

directly to astronova in late october we were successful in transitioning several of the larger contracts


which is what I think you're referring to, which is really a SKU rationalization program that we're putting in place to sort of harmonize

which is what i think you're referring to which is really a sku rationalization program that we're putting in place to sort of harmonize


Yes. Okay. All right. And then I wonder if we can just toggle over to Western Canada and you can give us some sense of kind of where the

yes okay all right and then i wonder if we can just toggle over to western canada and you can give us some sense of kind of where that


That is something that we start to see consolidating and that is something that does change compared to what was happening in the past

that is something that we start to see consolidating and that's something that does change compared to what was happening in the past


We are characterized by a very efficient sales force that is growing with, let's say, quality of

we are characterized by a very efficient sales force that is growing with let's say quality of


with one of the most important and largest future demographic groups, millennial parents and their families.

with one of the most important and largest future demographic groups millennial parents and their families


than more simply brand building. So that's how we're doing it. We're not leaving it, but we're making it more specific

than more simply brand building so that's how we're doing it we're not leaving it but we're making it more specific


what's your take on the trends of raw material prices over the next year? Will they go down further?

what's your take on the trend of raw material prices over the next year will they go down further


You can see the direction of the trend, which does not change very easily.

you can see the direction of the trend which does not change very easily


Turning to Slide 7. Luminant once again delivered strong commercial performance during the quarter.

turning to slide 7 luminet once again delivered strong commercial performance during the quarter


The reasons for this financing stem from our realization that the opportunities in China are going to be considerably larger than we originally planned

the reasons for this financing stem from our realization that the opportunities in china are going to be considerably larger than we originally planned


That will take at least 3 to 4 month. But as you do know, ACM can ask questions to us

that will take at least 3 to 4 months but as you do know acm can ask questions to us


with others who are more passive in terms of how they invest. And we'll

with others who are more passive in terms of how they invest and will


It actually is, I would say, probably more indicative of our drive to get

it actually is i would say probably more indicative of our drive to get


that Paul talked about as well as the cost savings initiatives that we have been driving. And then in terms of the Claris 1 impact,

that paul talked about as well as the cost savings initiatives that we have been driving yes and then in terms of the clarus one impact


who have built very successful multi-product franchises around these diseases, with significant unmet need.

who have built very successful multiproduct franchises around these diseases with significant unmet need


I am just wondering have you seen any disruption from the bundles launched

i'm just wondering have you seen any disruption from the bundles launched


any idea of splitting up the bank. So that was really just a -- someone got a little bit off-track.

any idea of splitting up the bank so that was really just a -- someone got a little bit off track


gives us confidence that we are making the right changes to best position Cornerstone for the future.

gives us confidence that we are making the right changes to best position cornerstone for the future


As you may recall, our expense base is running a little lighter than normal as we are booking a lower incentive accrual with this year's performance.

as you may recall our expense base is running a little lighter than normal as we are booking a lower incentive accrual with this year's performance


Have you seen any investments come down to the island yet or heard much talk about investments being made under that particular program?

have you seen any investments come down to the island yet or heard much talk about investments being made under that particular program


Our Trucking segment experienced a truly transformative quarter, and now we will look for sustainable repeat performances.

our trucking segment experienced a truly transformative quarter and now we will look for sustainable repeat performances


They have, according to the diminishing and also related to the effect

they have according to the diminishing and also related to the effect


which was partially offset by growth in our SaaS offerings and higher volume in Language Solutions and compliance.

which was partially offset by growth in our saas offerings and higher volume in language solutions and compliance


We are increasingly encouraged by the response we have received from prospective customers on our holistic solutions.

we are increasingly encouraged by the response we have received from prospective customers on our holistic solution


I'm encouraged about the progress the finance team has made partnering with operations to identify and execute on opportunities

i'm encouraged about the progress the finance team has made partnering with operations to identify and execute on opportunities


We're giving you a reason to come and shop right now. If you're in the market today, today is the very best day you could be in the market.

we're giving you a reason to come and shop right now if you're in the market today today is the very best day you could be in the market


A physician who is truly responsible for closing gaps in care instead looks at the client use case

a physician who is truly responsible for closing gaps in care instead looks at the client use case


you would like to listen to a replay of today's call, it will be available through the investor relations section of Vanguard's corporate website

if you would like to listen to a replay of today's call it will be available through the investor relations section of vanguard's corporate website


I will explain this result in more detail when presenting the results for each products group.

i will explain this result in more detail when presenting the results for each product group


We, therefore, remain committed to developing a product portfolio that will meet consumer needs

we therefore remain committed to developing a product portfolio that will meet consumer needs


and increase in advertising costs owing to strategic investments and higher distribution costs.

an increase in advertising costs owing to strategic investments and higher distribution costs


In the existing business domain, we are increasing our focus on core brands and products.

in the existing business domain we are increasing our focus on core brands and products


We recently spud our first well on the acreage, and we intend to perform extensive data gathering on the first 4 wells

we recently spotted our first well on the acreage and we intend to perform extensive data gathering on the first 4 wells


In addition to the continued low level of net charge-offs, other credit quality indicators are trending in a positive direction as well.

in addition to the continued low level of net charge-offs other credit quality indicators are trending in a positive direction as well


We've got a process in place that's seeing that almost on a -- not a -- necessarily a daily basis, but certainly, a weekly basis. We're seeing what's happening,

we've got a process in place that's seeing that almost on a -- not necessarily a daily basis but certainly a weekly basis we're seeing what's happening


There's been no real change in the composition of the liquidity portfolio, which remains highly liquid with a moderate duration.

there's been no real change in the composition of the liquidity portfolio which remains highly liquid with a moderate duration


Randy will give you more detail, but I think it's important to keep in mind that the relative net income contribution of mortgage to our company as a whole

rani will give you more detail but i think it's important to keep in mind that the relative net income contribution of mortgage to our company as a whole


Disciplined growth means not adding overpriced or poor performing services and equipment in order to grow.

disciplined growth means not adding overpriced or poor performing services and equipment in order to grow


Turning to Slide 8. I cannot remember a time in which so many large-scale development projects have been announced in our region in such a short period.

turning to slide 8 i cannot remember a time in which so many large-scale development projects have been announced in our region in such a short period


And if you look at what we have been able to achieve when it comes to adjusting margins

and if you look at what we have been able to achieve when it comes to adjusting margins


All of these products will continue to support growth in Crop Protection post merger with Dow.

all of these products will continue to support growth in crop protection post-merger with dow


The second is on margins. Irrespective of our go-forward services strategy and based on our operational efficiency plans,

the second is on margins irrespective of our go-forward services strategy and based on our operational efficiency plans


Women's apparel is definitely a focus in this effort. And so speed's starting to take hold in

women's apparel is definitely a focus in this effort and so speed starting to take hold in


and that should set us in a good position to achieve results for the full year in line with the guidance here.


And so the value prop is quite straightforward for the customer, and we are foreseeing a lot of success

and so the value prop is quite straightforward for the customer and are we -- we're seeing a lot of success


impacts. Of course, then the decrease of financial costs in the last few years

of course then the decrease of financial costs in the last few years


and that's really what we're seeing in a lot of the eastern part of our acreage position that's really benefited us.


And I feel that for a couple of reasons. One of which is I just look around and see what's going on with these jurisdictions with either growth or overcrowding.

and i feel that for a couple of reasons one of which is i just look around and see what's going on with these jurisdictions with either growth or overcrowding


providing a new channel which we can communicate and engage with our customers and drive transactions to our stores.


We see the achievement of this milestone without any outliers as strong evidence of the general momentum of this business unit.

we see the achievement of this milestone without any outliers as strong evidence of the general momentum of this business unit


We believe Convergys offers a superior value proposition, and we continue to pursue new business opportunities

we believe convergys offers a superior value proposition and we continue to pursue new business opportunities


I want to go back to a piece that you said though and answer a question you didn't ask, but you sort of started going down the path.

i want to go back to a piece that you said though and answer a question you didn't ask but you sort of started going down the path


of actually gaining customer acceptance around new technology and so on. But we have made progress

of actually gaining customer acceptance around new technology and so on but we have made the progress


Very short because basically it's unchanged. These results clearly show that we are doing what we said we were going to do.

it's very short because basically it's unchanged these results clearly show that we are doing what we said we were going to do


Rick? There were sales that occurred in the third quarter that we had hoped

correct there were sales that occurred in the third quarter that we had hoped


Pakistan is expected to continue its volume growth and drive for continued efficiency gains.

pakistan is expected to continue its volume growth and drive for continued efficiency gains


And because of that -- I'll go to the first part of the question, which is, I don't think we're really in a position to talk about this

and because of that i'll go to the first part of the question which is i don't think we're really in a position to talk about this


also go back down by about a turn the day we sell the shares and we can sell the shares anytime we want. So

also go back down by about a turn the day we sell the shares and we can sell the shares anytime we want so


cash flows in the first half of the year were impacted by front-end-loaded restructuring outflows and seasonable payables timing.

cash flows in the first half of the year were impacted by front-end loaded restructuring outflows and seasonable payables timing


Over the past 4 weeks, we've worked tirelessly to restore our systems and recover from the disruption.

over the past 4 weeks we've worked tirelessly to restore our systems and recover from the disruption


Results benefited from continued high consumer demand in our regions and growth on our branded station network.

results benefited from continued high consumer demand in our regions and growth in our branded station network


And with that agreement, we have a situation for track, wheels and tires.

and with that agreement we have a situation for track wheels and tires


The second piece is what we would -- the third piece is what we would call our industrial application. Now what's interesting

the second piece is what we would -- the third piece is what we would call our industrial application now what's interesting


but revenues from this mandate were not as important as the project is just starting to hit


to really test some things, to have some fun downstairs right here, to do a lot more of the local items, maybe even

to really test some things to have some fun downstairs right here to do a lot more of the local items maybe even


as well as rate increases for our maintenance and fleet service team members that became effective mid-third quarter last year.


We also advise you that this conference call is being broadcast live through the Internet and can be accessed on the company's home page.

we also advise you that this conference call is being broadcast live through the internet and can be accessed on the company's home page


is at least favorable to the consideration of activities-based approaches as opposed to entity designations.


Got you. And then maybe just finally in the tech solutions, you talked about some of the productivity issues with the big projects. I mean,

got you and then maybe just finally in tech solutions you talked about some of the productivity issues with the big projects i mean


it opens up our optionality for reducing debt in a faster manner than which we would have done it.

it opens up our action -- optionality for reducing debt in a faster manner than which we would have done it


put too fine a point on that. I think what we saw with our customers and in discussions is just a general

put too fine a point on that i think what we saw with our customers and in discussions is just a general


to existing Sientra customers and begin to expand the number of customers we serve.

to existing sientra customers and begin to expand the number of customers we serve


I think if I were to throw in an analogy in there from since you got to do hug index, I get to do an analogy as well.

i think if i were to throw an analogy in there from -- since he got to do the hug index i get to do an analogy as well


a unique experience that maximizes both overall video views and playtime. Additionally,

a unique experience that maximizes both overall video views and playtime additionally


ordering EXPAREL been increasing it? Or is it now about further penetrating existing accounts in the hospital setting?

ordering exparel but increasing it or is it now about further penetrating existing accounts in the hospital setting


This should lead to continued improvements in the financial performance and efficiencies in RBB over the medium to long term.

this should lead to continued improvements in the financial performance and efficiencies in rbb over the medium to long term


in that space. If I come back to the year just gone, the fact that, that existing home market

in that space if i come back to the year just gone the fact that that existing home market


So it's a multitude of things in that regard. And then, I suppose, a bit like we did with the Alesco acquisition,

so it's a multitude of things in that regard and then i suppose a bit like we did with the alesco acquisition


And so putting the brand and helping them grow organically and then also being able to introduce them to a number of RIAs who are very interested

and so putting the brand and helping them grow organically and then also being able to introduce them to a number of rias who are very interested


and continues to grow nicely. We have a nice complement with the Asset Management that we manage assets for Advice as well as

and continues to grow nicely we have a nice complement with the asset management that we manage assets for advice as well as


and productivity levels at our Nigel manufacturing facility, we concluded that our prior cost estimates needed to be revised.

and productivity levels at our nigel manufacturing facility we concluded that our prior cost estimates needed to be revised


This strong performance in the first quarter has us hopeful that Mondelez' operational transformation is successfully underway.

this strong performance in the first quarter has us hopeful that mondelez's operational transformation is successfully underway


we went back and looked at the last 8 years, just to give you context for this first year's half redemptions, this year's first half would be sixth

we went back and looked at the last 8 years just to give you context for this year's first year's half redemptions this year's first half would be sixth


And then of those 10, are those competitive takeaways? Or are those banks that are looking to grow and want to establish a commercial banking

and then of those 10 are those competitive takeaways or are those banks that are looking to grow and want to establish a commercial banking


add or subtract duration? Are they using futures to add or subtract currency exposure? All of these things

add or subtract duration are they using futures to add or subtract currency exposure all of these things


And on Royal Challenge, we identified the opportunity to increase spend and reallocate across our media channels.

and on royal challenge we identified the opportunity to increase spend and reallocate across our media channels


The third quarter, we saw very good revenues trends in the first 2 months of the quarter. They moderated some in September,

the third quarter we saw very good revenue trends in the first 2 months of the quarter they moderated some in september


I would say not irrational, I would say aggressive in this market. I would say that what they're trying to make sure that they're turning their assets.

i would say not irrational i would say aggressive in this market i would say that -- but they're trying to make sure that they're turning their assets


I also wish to remind you that during the course of this call, we may make projections or other forward-looking statements regarding future events,

i also wish to remind you that during the course of this call we may make projections or other forward-looking statements regarding future events


retaining focus on efficiency and extensive work in scaling up the business lines we've built over the last 3 to 4 years.

retaining focus on efficiency and extensive work in scaling up the business lines we built over the last 3 to 4 years


we're largely through that analysis and we don't believe that there is going to be anything material along those lines.


mandates for VOO. To be honest, I think for the time being, we do not see that there will be

mandates for vo to be honest i think for the time being we do not see that there will be


As a result of our wells continuing to exceed our crude oil production expectations,

as a result of our wells continuing to exceed our crude oil production expectations


Similar to the first half of the year, the impact of our specialty materials business on third quarter revenue was negligible.

similar to the first half of the year the impact of our specialty materials business on third quarter revenue was negligible


We feel like the success of the business allows us to also return capital to shareholders. And I think we feel like we can use

we feel like the success of the business allows us to also return capital to shareholders and i think we feel like we can use


And secondly, can you also discuss the income level of your customer and how that been recently changing.

and secondly can you also discuss the income level of your customer and how that has been recently changing


and additional entertainment clients. So there is no way at this point for us to separate that and

and additional entertainment clients so there's no way at this point for us to separate that and


One will be approximately 1,500 seats and the other one will be a smaller seat count but will have a much larger transaction volume.

one will be approximately 1 500 seats and the other one will be a smaller seat count but will have a much larger transaction volume


Also, during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements.

also during the call certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements


For such measures, reconciliations to the most directly comparable GAAP measure is available at the end of the supplemental information,

for such measures reconciliations to the most directly comparable gaap measure is available at the end of the supplemental information


in many instances wireless, even though some wireless standards need to be upgraded as we have learned over the last couple of weeks,

in many instances wireless even though some wireless standards need to be upgraded as we have learned over the last couple of weeks


for that group to be weaker, both top and bottom line, than the second half of 2016, much like what we saw

for that group to be weaker both top and bottom line than the second half of 2016 much like what we saw


Our core local and national are being impacted as expected by political displacement in October and November.

our core local and national are being impacted as expected by political displacement in october and november


That was a success on the Axis 3. And then so we repeated that on all of the Kudu wells,

that was a success on the axis 3 and then so we repeated that on all of the cudi wells


as this transitioned to a new manufacturing facility during the third quarter aided in driving operational improvements.

as this transition to a new manufacturing facility during the third quarter aided in driving operational improvements


net of revenues from reimbursables in 2017. Principal factors were additional aircraft operations for Amazon,

net of revenues from reimbursables in 2017 principal factors were additional aircraft operations for amazon


Retailers care about category growth and they're allocating more shelf space to our products because we're driving the growth in the category.

retailers care about category growth and they're allocating more shelf space to our products because we're driving the growth in the category


And I think that we're starting at a much higher plateau this year because we have about 80 people who have experience.

and i think that we're starting at a much higher plateau this year because we have about 80 people who have experience


And those investments, in addition to the impact of annual wage increases, are going to get funded through improved seat utilization.

and those investments in addition to the impact of annual wage increases are going to get funded through improved seat utilization


This morning's announcement is a great example. This will be the largest single train PP unit in the world,

this morning's announcement is a great example this will be the largest single train pp unit in the world


So we've had robust business growth last year, we now have a larger business volume and we expect the continuation of

so we've had robust business growth last year we now have a larger business volume and we expect the continuation of


in what way all these designed and what are the purposes of all these programs?

in what way all these are designed and what are the purposes of all these programs


And you would think that you would take that investment and put it on AngioVac. But actually, the investment we made was on Fluid because it alleviated the entire organization.

and you would think that you would take that investment and put it on angiogenesis but actually the investment we made was on fluid because it alleviated the entire organization


We are pleased with the high realization rates that we're seeing, which are due to the solid efforts of our sales and marketing teams.

we are pleased with the high realization rates that we're seeing which are due to the solid efforts of our sales and marketing teams


Fortunately, the combination of pricing initiatives and our success in capturing higher-value waste streams

fortunately the combination of pricing initiatives and our success in capturing higher value waste streams


they just could not suffer the idea of being off of that cable system for more than a couple of weeks whereas we certainly can.


Turning to an update on the projects, starting in Pakistan.

turning to an update on the projects starting in pakistan


is that we see the ability to impact nearly half of the assets we have through accretive reinvestments, everything from

is that we see the ability to impact nearly half of the assets we have through accretive reinvestments everything from


but the trend certainly is. So I'm very encouraged with the absolute cost reductions that people are making,

but the trend certainly is so i'm very encouraged with the absolute cost reductions that people are making and that's


We continue to realize the benefits of operating leverage, as we grew the bottom line even faster than the top line once again this quarter.

we continue to realize the benefits of operating leverage as we grew the bottom line even faster than the top line once again this quarter


By now you should have a copy of our results press release, which crossed the wires this afternoon following the close of market.

by now you should have a copy of our results press release which crossed the wires this afternoon following the close of market


and we expect that to continue. We have pretty good optics of where the crude market is going over the next 60 to 90 days.

and we expect that to continue we have pretty good optics of where the crude market is going over the next 60 to 90 days


to making data and analytics readily available to our site employees to enable faster and better decision-making.


trying to stay a step ahead of everyone else when you think about the product. And I think there's been a lot of questions

trying to stay a step ahead of everyone else when you think about the product and i think there's been a lot of questions


try to focus on things that are in the early clinical asset space that's kind of our core, where we believe that we can identify things

try to focus on things that are in the early clinical asset space that's kind of our core where we believe that we can identify things


And with that, I'll turn over the call to Jan for his commentary on the fourth quarter results and fiscal 2019 outlook.

and with that i'll turn over the call to jan for his commentary on the fourth quarter results and fiscal 2019 outlook


And we will also be continuing to add more opening price point products, as we have done successfully in the past.

and we will also be continuing to add more opening price point products as we have done successfully in the past


compared to that based on the ore reserve at any particular time. This is even more the case for underground mines.

compared to that based on the ore reserve at any particular time this is even more the case for underground mines


higher earnings power to the company because it's not reflected in the forward curves. But we do the fundamental analysis.

higher earnings power to the company because it's not reflected in the forward curves but we do the fundamental analysis


I think I commented on that earlier. But -- so we see very strong big box demand at the moment.

i think i commented on that earlier but shall we see very strong big box demand at the moment


The success of our ink to green initiative is another significant contributor to our health plan growth.

the success of our ink-to-green initiative is another significant contributor to our health plan growth


Overall, while we are continuing to evolve both our organization and our industry-leading products,

overall while we are continuing to evolve both our organization and our industry-leading products


We also announced a strategic investment and planned partnership with Klarna, one of Europe's leading payment providers.

we also announced a strategic investment and planned partnership with klarner one of europe's leading payment providers


All participants consent to having their voice and questions broadcast via participation of this event.

all participants consent to having their voice and questions broadcast via participation of this event


You may now disconnect.


We'll be there on Tuesday, March 13, to meet with investors and present investment highlights. And so now, I'll turn the call over to Randy.

we'll be there on tuesday march 13 to meet with investors and present investment highlights and so now i'll turn the call over to randy


We anticipate that all remaining subjects in the other cohorts will have received all doses by mid- to late September.

we anticipate that all remaining subjects in the other cohorts will have received all doses by mid- to late september


We actively monitor the value of the underlying collateral, and any piece of collateral that is nonperforming is removed from the borrowing base.

we actively monitor the value of the underlying collateral and any piece of collateral that is not performing is removed from the borrowing base


going forward, when you launch another campaign, are you going to come up with more

going forward when you launch another campaign are you going to come up with more


we believe and we've already begun to see our ability to win incremental sockets that lead to long-term growth


when you look at the heart of IC design, it's basically your ability to efficiently use silicon.

when you look at the heart of ic design it's basically your ability to efficiently use silicon


This result was included in the operating result as we had previously reported the change of that value in the investment

this result was included in the operating result as we had previously reported the change of that value in the investment


Thank you, operator. We are pleased with our performance. Our businesses are executing extremely well and our teams are focused on our growth initiatives.

thank you operator we are pleased with our performance our businesses are executing extremely well and our teams are focused on our growth initiatives


the amount of mining days in itself is something that is being managed by the government. And for us to operate our plant, you need a

the amount of mining days in itself is something that is being managed by the government and for us to operate a plant you need a


The business is capitalizing on new and used equipment opportunities in a challenging market, while benefiting from a lower cost structure.

the business is capitalizing on new and used equipment opportunities in a challenging market while benefiting from a lower cost structure


Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any shares,

also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any shares


another extension of time to regain compliance with applicable NASDAQ reported requirements.

another extension of time to regain compliance with applicable nasdaq reporting requirements


I hope as many of you as possible would be able to join us on the today or listen in, and I look forward to talking to you again very soon.

i hope as many of you as possible will be able to join us on the day or listen in and i look forward to talking to you again very soon


I now go to the next slide, which is introducing Clas Ohlson Limited Edition.

i now go to the next slide which is introducing klasseholmson limited edition


I think there are a couple of significant differences in terms of our German business and the most important one is,

i think there are a couple of significant differences in terms of higher german business and the most important one is


The amount of business that could be done across the country is very large. I don't know if you have seen some of the

the amount of business that could be done across the country is very large i don't know if you've seen some of the


drive that line and a lot of things have happened here too. There's a lot of expense management you can do in some of the stuff because

to drive that line and a lot of things that happen here too there's a lot of expense management you can do in some of this stuff because


Our strong cash from operations enabled us to both grow the company and return value to our stockholders.

our strong cash from operations enabled us to both grow the company and return value to our stockholders


Slide 3 shows the agenda for today's review. Following the formal presentation, we will be pleased to take your questions.

slide 3 shows the agenda for today's review following the formal presentation we will be pleased to take your questions


while continuing to build out partnership and acquisition web services opportunities.


each portfolio can have a different management fee. So the shift didn't have to come from credit to equity. Within equity,

each portfolio can have a different management fee so the shift didn't have to come from credit to equity within equity


because we've already got the healthy states. We've got the local. We've got the big propositions. Those are all that are going to be the growth environments.

because we've already got the healthy states we've got the local we've got the big propositions those are all that are going to be the growth environments


is this going to change anything in terms of how you manage group liquidity or upstreams in the future?


These areas include continuing to enhance the Erie experience, improving our platforms and data management,

these areas include continuing to enhance the erie experience improving our platforms and data management


We're very comfortable with that based on commodity price movements since the beginning of the year, especially in Potash and copper.

we're very comfortable with that based on commodity price movements since the beginning of the year especially in potash and copper


people will certainly do what they need to do in the time period and what they should do in the time period to treat themselves or their children,


We have assumed full responsibility for the development and commercialization of the licensed compounds.

we have assumed full responsibility for the development and commercialization of the license compounds


Interesting. Thank you, Todd. I'm going to read my comments again. Now this is only the second or third time that I've done that.

interesting thank you todd i'm going to read my comments again now this is only the second or third time that i've done that


After much anticipation, we could not be more excited to finally open STK Orlando at the end of May.

after much anticipation we could not be more excited to finally open sdk orlando at the end of may


see a change in sales that's different than what we see based on how they adjust their inventories.


focusing on streamlining and harmonizing our assortment, both from a supply and from a commercial point of view.

focusing on streamlining and harmonizing our assortment both from a supply and from a commercial point of view


we are seeing an increased growth in diagnosed untreated patients coming onto Galafold and that's right in line with our strategy.

we are seeing an increased growth in diagnosed untreated patients coming on to galafold and that's right in line with our strategy


that is the core to improve the usage of the theatre, so that we spend a lot of time on trying to shorten those

that is the core to improve the usage of the theaters so that we spend a lot of time on trying to shorten those


And though it was a solid quarter, we realize we have much more work ahead. Since Brian's arrival, we've been taking a fresh look at every element of our business.

and though it was a solid quarter we realized we have much more work ahead since brian's arrival we've been taking a fresh look at every element of our business


what is your goal in terms of where that reserves to loan ratio would be


I think if you look back even as far back as last year at our IPO, we said we had a number of levers that we'd pull

i think if you look back even as far back as last year at our ipo we said we had a number of levers that we could pull


Relative to technology positions, I think nothing has really changed versus what we thought before.

relative to technology positions i think nothing's really changed versus what we thought before


that maybe rather than for the next year's negotiations could be a smaller headwind as those

that maybe rather than for the next year's negotiation could be a smaller headwind as those


costs that came through in third quarter, and certainly, were concentrated in third quarter with some of the things that we were doing. So

costs that came through in third quarter and certainly were concentrated in third quarter with some of the things that we were doing so


So we use the current market condition I mean that consumers are looking for the best prices. And

so we use the current market condition i mean that consumer are looking for the best prices and


We're reconfirming our 2017 guidance, and simplification of the business and operational discipline will continue to drive results.

we're reconfirming our 2017 guidance and simplification of the business and operational discipline will continue to drive results


However, setting aside Washington, the truth of the matter is New York State, which is 1 of our 2 major

however setting aside washington the truth of the matter is new york state which is one of our 2 major


Three of our existing customers now ship sand through our terminal to North Dakota.

three of our existing customers now ship sand through our terminal to north dakota


Thanks, Chuck. As Chuck highlighted, we did have solid volumes in the third quarter and strong financial results for the quarter.

thanks chuck as chuck highlighted we did have solid volumes in the third quarter and strong financial results for the quarter


Deal models aren't the thing that gets the deal closed. Deal models are the thing in which you measure yourself for by year after year.

deal models aren't the thing that gets a deal closed deal models are the thing in which you measure yourself for year -- by year after year


The success of this initial partnership drove Rubicon Project's decision to migrate its entire European production infrastructure

the success of this initial partnership drove rubicon projects decision to migrate its entire european production infrastructure


Just like we have done in our Northern Delaware acreage, it is our plan to gather and analyze sufficient data

just like we have done in our northern delaware acreage it is our plan to gather and analyze sufficient data


Our inventory values include our pre-sold gallons that are at a higher price

our inventory values include our presold gallons that are at a higher price


and you are busy sort of trying to fix out as much as you can at attractive rates on the liability side of your balance sheet,


We currently are only closing on about 3% to 4% of the transactions we review for new companies,

we currently are only closing on about 3% to 4% of the transactions we review for new companies


Another positive for the quarter was the rollout of our new payment platform, including the launch of credit cards and merchant services.

another positive for the quarter was the rollout of our new payment platform including the launch of credit cards and merchant services


into securities that are consistent with our strategies, and we marked their loan portfolio to fair value using current market rates.

into securities that are consistent with our strategies and we mark their loan portfolio to fair value using current market rates


But in addition to that, there may be some CapEx in our existing facilities that will also expand capacity or reduce costs.

but in addition to that there may be some capex in our existing facilities that will also expand capacity or reduce cost


This conference call is the property of Exponent and any taping or other reproduction is expressly prohibited without prior written consent.

this conference call is the property of exponent and any taping or other reproduction is expressly prohibited without prior written consent


Cash expenditures related to mine reclamation will continue until reclamation is complete or ownership of the mines is transferred.

cash expenditures related to mine reclamation will continue until reclamation is complete or ownership of the mines is transferred


We look forward to working with the Phillips family and the Northwest team.

we look forward to working with the phillips family and the northwest team


I'll call it a different reason or a different context perhaps -- then perhaps that discount trader and their trading activity.

i'll call it a different reason or a different context perhaps than perhaps that discount trader and their trading activity


though these firms have opted out of the protocol, you just sort of flip them over to the process that you might use on the other side of that line,

though these firms have opted out of the protocol you just sort of flip them over to the process that you might use on the other side of that line


After the prepared remarks, management will BE available to take your questions for as long as time permits. Now I'll turn the call over to Brendan.

after the prepared remarks management will be available to take your questions for as long as time permits now i'll turn the call over to brendan


that are going to help us achieve the results that I just outlined going forward. So I'd say we're very pleased.

that are going to help us achieve the results that i just outlined going forward so i'd say we're very pleased


of why we like the progress of the business over the last years and also the last 12 months since I'm here.

while we like the progress of the business over the last years and also the last 12 months since i'm here


and participants are encouraged to carefully review this reconciliation. We intend to limit the length of this call to 1 hour.

and participants are encouraged to carefully review this reconciliation we intend to limit the length of this call to 1 hour


In addition to our investments in new stores, we plan on opening our new Houston distribution center late this summer.

in addition to our investments in new stores we plan on opening our new houston distribution center late this summer


We have already picked up a few candidates for the Chief Medical Officer position.

we have already picked up a few candidates for the chief medical officer's position


However, and as we pointed out on the previous call, it's important to note that the starting point is one of latent oversupply,

however as we pointed out on the previous call it's important to note that the starting point is one of latent oversupply


The financing flows reflect drawings on our existing debt and the bridge financing for the West acquisition.

the financing flows reflect drawings on our existing debt and the bridge financing for the west acquisition


Domestic Passenger, International Passenger and Cargo and Mail businesses all recorded increased revenues.

domestic passenger international passenger and cargo and mail businesses all recorded increased revenues


the vast majority of that was Chicago based. And it was in the first quarter, which was a slow quarter for us anyway.

the vast majority of that was chicago-based and it was in the first quarter which was a slow quarter for us anyway


and that we need to get pricing back to levels that would resemble where we were in the last cycle in order to get profitability back to reinvestment economics.


When adjusted to exclude both Providence as well as the reduction to revenue associated with the LHC transaction,

when adjusted to exclude both providence as well as the reduction to revenue associated with the lhc transaction


We have a very resilient business, built on the strength of our core brands and our diversified portfolio.

we have a very resilient business built on the strength of our core brands and our diversified portfolio


That's kind of -- that hasn't really died down much. I would just say given the reconfiguration of the cards,

that's kind of -- that hasn't really died down much i would just say given the reconfiguration of the cards


To increase market share, in the first quarter, we doubled the size of our sales team and tripled our lead generation investments.

to increase market share in the first quarter we doubled the size of our sales team and tripled our lead generation investments


And now I would like to turn the call over to your host for today's call. And with that, it's my pleasure to hand over to Patrick.

and now i would like to turn the call over to your host for today's call and with that it's my pleasure to hand over to patrick


was there a change in the basket of inflation from a labor standpoint in the quarter? And then maybe what's your outlook for that basket

was there a change in the basket of inflation from a labor standpoint in the quarters and maybe what's your outlook for that basket


Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

thank you this concludes today's teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day


and go through the brain damage of passing our credits to our largely retail shareholder base and explain to them how to claim it on their tax return.

and go through the brain damage of passing out credits to our largely retail shareholder base and explain to them how to claim it on their tax return


very well against our peers, not something that we just build into our ongoing operation, and it becomes,

very well against our peers and that's something that we just build into our ongoing operation and it becomes


And Patricia, it's the other Greg. I would just say it would stand to reason that issuance and redemption would be way up in Mark's and FCL because it's net new. But

and patricia it's the other greg i would just say it would stand to reason that issuance and redemption would be way up in mark's and fgl because it's net new but


This part of the power management market addresses about 50% of the overall PM market and supports many end applications,

this part of the power management market addresses about 50% of the overall pm market and supports many end applications


customers that add value to them on high-end platforms and that we're being very successful in.


Original gallium nitride devices for gas sensing are also fabricated on GaN on silicon wafers.

original gallium nitride devices for gas sensing are also fabricated on gan on silicon wafers


business for us right now in terms of these kits, but one that we think has good growth potential on a pretty sustainable basis.

business for us right now in terms of these kits but one that we think has good growth potential on a pretty sustainable basis


With this framework in mind, let's turn to Page 4 and look at our first quarter's results where you can see the earnings per share amounts.

with this framework in mind let's turn to page 4 and look at our first quarter's results where you can see the earnings per share amounts


We'll see, as the year goes along, whether the tax reduction has any impact on the back end of the curve.

we'll see as the year goes along whether the tax reduction has any impact on the back end of the curve


what do you think the sensitivity is for the residential versus I think you're saying flat? And then can we also get an updated dealer count?

what do you think the sensitivity is for the residential versus i think you're saying flat and then can we also get an updated dealer count


The business was also ranked second in the private banking category, which is a significant improvement from last year's fourth place.

the business was also ranked second in the private banking category which is a significant improvement from last year's fourth place


Our asset management businesses continue to win industry awards for their performance and stewardship of our clients' savings.

our asset management businesses continue to win industry awards for their performance and stewardship of our clients' savings


And one of the great things is that even as we have significantly increased the number of net new actives coming onto the platform each quarter,

and one of the great things is that even as we have significantly increased the number of net new actives coming onto the platform each quarter


All of the MSOs recognize the need to deliver higher bandwidth and speed to remain competitive against wireless alternatives.

all of the msos recognize the need to deliver higher bandwidth and speed to remain competitive against wireless alternatives


to be materially different from the results or achievements expressed or implied by such forward-looking statements.


We think that we still can do better. But this is something that we will address in the next

we think that we still can do better but this is something that we will address in the next closes


And the underlying business, it's not that we particularly see a lot of risk. I think we're trying to be thoughtful about the puts and takes across the business.

and the underlying business it's not that we particularly see a lot of risk i think we're trying to be thoughtful about the puts and takes across the business


Additionally, we have a number of operational improvement and strategic sourcing initiatives underway in the segment that favorably impacted our results.

additionally we have a number of operational improvement and strategic sourcing initiatives underway in the segment that favorably impacted our results


We are pleased with our strong business performance this quarter, particularly our loss ratio, which continues to develop in line with our expectations,

we are pleased with our strong business performance this quarter particularly our loss ratio which continues to develop in line with our expectations


period of kind of weak title slate in the middle of last year coming back now that the slates improved to some degree? Or is it just impossible to measure that?

period of kind of weak title slate in the middle of last year coming back now that the slate's improved to some degree or is it just impossible to measure that


both in terms of number of clients and in terms of average exposures with those clients.


a number of increases that -- until it gets much higher. So I don't think we're going to see a big impact on small business

a number of increases that until it gets much higher so i don't think we're going to see a big impact on small business


The strength of our business model leaves us well positioned to make the long-term investments necessary to grow our business in the future.

the strength of our business model leaves us well positioned to make the long-term investments necessary to grow our business in the future


These types of forward-looking statements are subject to a number of risks and uncertainties relating to the oil and gas industry,

these types of forward-looking statements are subject to a number of risks and uncertainties relating to the oil and gas industry


as we can gain business and learn that market. But probably not a lot of impact the first half of next year.

as we can gain business and learn that market but probably not a lot of impact the first half of next year


While all leverage is higher, the increase is a natural result of our overall portfolio growth and remains well below the sector average.

while our leverage is higher the increase is a natural result of our overall portfolio growth and remains well below the sector average


be able to register some gains from some of the productivity initiatives that we have across the bank.


and also, I think I have to say though it's too early to make any broad conclusions, certainly about any kind of market share.

i'd also i think i have to say though that it's too early to make any broad conclusions certainly about any kind of market share


We believe our Industrial businesses are well aligned with key long-term secular trends that are supported by sound fundamentals.

we believe our industrial businesses are well aligned with key long-term secular trends that are supported by sound fundamentals


So I'm not going to put a specific target out there, but the role of the organization is one to really

so i'm not going to put a specific target out there but the role of the organization is one to really


These statements are not guarantees of future performance and involves risks and uncertainties that are difficult to predict.

these statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict


Times to drill each wells are beginning to shorten with one well being delivered in a record 16 days from spuds to total depth.

times to drill each wells are beginning to shorten with one well being delivered in a record 16 days from spuds to total depth


come back to the table to negotiate. So now it's really just a function of the administration realizing that the hurt is gone from

come back to the table to negotiate so now it's really just a function of the administration realizing that the hurt is gone from


As a reminder, our regular scheduled maintenance and the amount of export products we produce can have an effect on our production rates during any quarter.

as a reminder our regular scheduled maintenance and the amount of export products we produce can have an effect on our production rates during any quarter


And simplification is delivering significant quality improvements and structural spend savings.

and simplification is delivering significant quality improvements and structural spend savings


Our focus strategy to diversify is paying dividends as the added leverage provide balance and offsets.

our focused strategy to diversify is paying dividends as the added levers provide balance and offsets


This is a very customer-focused business, and it's important that it is. We need to respect our customers and their individual circumstances.

this is a very customer-focused business and it's important that it is we need to respect our customers and their individual circumstances


color of how you're thinking about revenue management in the market that is seeing quite aggressive competition by local carriers. I


have more of a limited entry effect, to further refine the completion so that we

have more of a limited entry effect to further refine the completion so that we


We do need more gas supply to get to market, and simply unlocking the reserves that Australia has will achieve that.

we do need more gas supply to get to market and simply unlocking the reserves that australia has will achieve that


So we expect to leave the year with very good momentum and fewer hills to climb. The external environment

so we expect to leave the year with very good momentum and fewer hills to climb the external environment


does this change your view as sort of to what the structural profitability of Westeel is, either a little bit better or a little bit below?

does this change your view as sort of to what the structural profitability of westseal is either a little bit better or a little bit below


First of all, I'm full of gratitude to everyone who has stepped up to the plate for us and with us over the years.

first of all i'm full of gratitude to everyone who has stepped up to the plate for us and with us over the years


Our federal successes also helped us with state and local agencies, both domestically and internationally.

our federal successes also helped us with state and local agencies both domestically and internationally


and you'll work with them to make sure that you up-sell, cross-sell at different business dimensions to scale it up,

and you have to work with them to make sure that you upsell cross-sell add different business dimensions to scale it up


And this demonstrates our confidence in a stable and sustainable dividend well into the future.

and this demonstrates our confidence in a stable and sustainable dividend well into the future


We are reorienting our efforts to reach the customer's home or premises in order to gain share in a vertical manner

we are orienting our efforts to reach the customer's home or premises in order to gain share in a vertical manner


Collectively, this means being faster and smarter about how we deliver solutions that solve our clients' greatest challenges.

collectively this means being faster and smarter about how we deliver solutions that solve our clients' greatest challenges


because we are actually thinking in a very long stature, where does the growth come from today,

because we are actually thinking in a very long station where does the growth come from today


And it's been fantastic for us, and it continues to be a great program. It's not just for family members but it's also friends. Yes,

and it's been fantastic for us and it continues to be a great program it's not just the family members but it's also friends


where I think we have largely hit the bottom there in the short term because they will buy more software,

where i think we have largely hit the bottom there in the short term because they will buy more software


Our maintenance departments are managing, based on the data we collect, not based on a gut feel of how equipment is operating.

our maintenance departments are managing based on the data we collect not based on a gut feel of how equipment is operating


as demonstrated by the recent expansion of the Cigna MACI medical policy to include patella defects.

as demonstrated by the recent expansion of the cigna macy medical policy to include patella defects


And I want to take this opportunity of giving our retailers and our dealers credit for great execution across all fronts.

and i want to take this opportunity of giving our retailers and our dealers credit for great execution across all fronts


in '19. We just don't believe that it could be as large as it was in '19 and don't, at least, have that planned currently.

in '19 we just don't believe that it could be as large as it was in '19 and don't at least have that planned currently


So just to be clear, your trust funds, you said, had a positive return in the fourth quarter. Was it -- is it just positive in terms of the gains you were able to take out?

so i mean just to be clear your trust funds you said had a positive return in the fourth quarter or is it just positive in terms of the gains you were able to take out


and that's why we have this amplified combined ratio. It's not so much used in other markets, but we find it important to show it.

and that's why we have this amplified combined ratio it's not so much used in other markets but we find it important to show it


Revenue for the fourth quarter increased 15%, our highest quarterly increase of the year.

revenue for the fourth quarter increased 15% our highest quarterly increase of the year


And these investments really began to pay off last year as we delivered 7% organic sales growth,

and these investments really began to pay off last year as we delivered 7% organic sales growth


I want to comment briefly on the announcement we made last week that we settled the pending litigation with Public Consulting Group.

i want to comment briefly on the announcement we made last week that we settled the pending litigation with public consulting group


While difficult to measure worldwide, we are also confident that because of the brand's strength of our grading services,

while difficult to measure worldwide we are also confident that because of the brand strength of our grading services


The decline in operating income is in large part related to extra costs incurred to ramp EMS capacity.

the decline in operating income is in large part related to extra costs incurred to ramp ems capacity


with pricing. But overall, we've hesitated to answer the question whether or not it was sustainable or not

with pricing but overall we've hesitated to answer the question whether or not it was sustainable or not


That said, we would expect it to contribute slightly to revenue growth and be modestly negative for profitability and cash flows for the quarter.

that said we would expect it to contribute slightly to revenue growth and be modestly negative for profitability and cash flows for the quarter


demand dollar growth is defined as prescriptions filled at the pharmacy counter times by the price sold to the wholesalers.


We've said it many times before, the only way we will ever be successful -- in fact, the key to success for any investment manager

we said it many times before the only way we will ever be successful in fact the key to success for any investment manager


demands for the right packaging no matter what the retail outfit is, develop the solutions,

demands for the right packaging no matter what the retail outlet is develop the solutions


At this time, for opening remarks and introductions, I would like to turn the conference over to Mr. Barry Holt. Please go ahead, sir.

at this time for opening remarks and introductions i would like to turn the conference over to mr barry holt please go ahead sir


As we typically do on our fourth quarter calls, I will give you a brief update on our global retirement plan.

as we typically do on our fourth quarter calls i will give you a brief update on our global retirement plan


So my view hasn't changed that we still think this business should generate mid- to high single-digit growth over time.

so my view hasn't changed that we still think this business should generate mid- to high single-digit growth over time


very pleasing to see that we were able to move through that same problem area, but done on Level 2 in

very pleasing to see that we were able to move through that same problem area but down on level 2


Certainly, this year, because we feel like that there's enough strength and the bid season will carry us through the next 4 quarters.

certainly this year because we feel like there's enough strength in the bid season will carry us through the next 4 quarters


and third, continue focusing on generating cash flow and to begin paying down bank debt in the second half of the year.

and third continue focusing on generating cash flow and to begin paying down bank debt in the second half of the year


over the last several quarters talking about expense management, that will continue, and so

over the last several quarters talking about expense management that will continue and so


but at the same time, they do require more time. And so as we've seen that shift in

but at the same time they do require more time and so as we've seen that shift in


The improvement that we saw this year was just a reflection of the fact that we did see some of those blanket orders come in, in the third quarter,

the improvement that we saw this year was just a reflection of the fact that we did see some of those blanket orders come in in the third quarter


The increase in book value was driven by the credit portion of our portfolio as credit spreads tightened during the quarter.

the increase in book value was driven by the credit portion of our portfolio as credit spreads tightened during the quarter


The business also drove share gains behind incremental distribution and merchandising activities in lip care.

the business also drove share gains behind incremental distribution and merchandising activities in lip care


I will obviously come back at the end with a summary. But I would like to hand over to Dessi, who will continue presenting you the financial ambitions

i will obviously come back at the end with a summary but i would like to hand over to desi who will continue presenting you the financial ambitions


I've spoken about our equipment to expanding our digital capabilities on previous calls and we are making progress in this regard,

i've spoken about our commitment to expanding our digital capabilities on previous calls and we're making progress in this regard


executing additional strategic or financial combinations and attracting the incremental investor looking for income.


we'll get past this, the politics, everything else and make the most of our opportunities as we look forward

we'll get past this the politics everything else and make the most of our opportunities as we look forward


the end of the year. And this is a result of an annual inventory reset in September at one of our retailers.

the end of the year and this is a result of an annual inventory reset in september at one of our retailers


that strategy is working and you'll see us continue to do that as we go into '16 and '17. And

that strategy is working and you'll see us continue to do that as we roll into '16 and '17 and


Now to discuss our financial performance and outlook in more detail, I will hand it over to Ken. Ken?

now to discuss our financial performance and outlook in more detail i will hand it over to ken ken


it's true that we are working very hard. But for the NIM outlook, we believe that there won't be much change

it's true that we are working very hard but for the nim outlook we believe that there won't be much change


first of all, that's laughable, particularly laughable since we're now showing you what this is capable of doing.

first of all that's laughable particularly laughable since we're now showing you what this is capable of doing


And then are you seeing more willingness from Chinese consumers to move up the chain scale? Is that helping you at all?

and then are you seeing more willingness from chinese consumers to move up the chain scale is that helping you at all


is the quality of the asset. And in the main, we have been focused largely looking at the Exhibitions market

is the quality of the asset and in the main we have been focused largely looking at the exhibitions market


European operations. So do you think you would have to do

european operation so do you think you would have to do more


In addition, we saw high single digits in Southeast Asia and mid-single digits in the Middle East and Greater China, despite all of the turbulence there.

in addition we saw high single digits in southeast asia and mid-single digits in the middle east and greater china despite all of the turbulence there


If foreign currency exchange rates hold near current levels, we expect net sales in the third quarter and full year to be negatively impacted

if foreign currency exchange rates hold near current levels we expect net sales in the third quarter and full year to be negatively impacted


and is currently in due diligence on this product line. It is entirely too early to discuss any specifics,

and is currently in due diligence on this product line it is entirely too early to discuss any specifics


that's definitely something worth keeping in mind when you look at the results there. And that's why we also added in the talk that

that's definitely something worth keeping in mind when you look at the results there and that's why we also added in the talk that


exemplified by the modification kits we won for in-flight entertainment systems announced last quarter.


and we believe indicative of a strong demand from parents with Type 1 incidence to participate in this study.

and we believe indicative of the strong demand from parents with type 1 infants to participate in this study


So implicit in a new investment is that you have to shove somebody out of the market for you actually to compete.

so implicit in a new investment is that you have to shove somebody else out of the market for you actually to compete


or we'll start up an organic brand to try to compete with different segments in the market.


we are looking at minor CapEx expenditures in the coming year to enable us to take even more work.

we are looking at minor capex expenditures in the coming year to enable us to take even more work


having some pressure on profitability. It's a little bit more specific to manufacturing systems.

uh having uh some pressure on profitability uh it's a little bit more specific to manufacturing systems


It's a simplification of sorting and delivery processes and improved automatic coding,

it's a simplification of sorting and delivery processes and improved automatic coding


if you look at a company like Peterbilt or others that are in the traditional vehicle market, they don't have that electrification experience.

because if you look at a company like a peterbilt or others that are in the traditional vehicle market they don't have that electrification experience


So I'm going to read my comments. It's worth staying around to the end because we're going to do something new that we haven't done before.

so i'm going to read my comments it's worth staying around to the end because we're going to do something new that we haven't done before


The decline was even more pronounced in our Fluid Power platform, which is more dependent on energy and mining end market.

the decline was even more pronounced in our fluid power platform which is more dependent on energy and mining end markets


At Distribution, we have adjusted our cost structure to position us to be able to navigate the market we are faced with,

at distribution we have adjusted our cost structure to position us to be able to navigate the market we are faced with


This preparation has not only resulted in improvements in the way we operate the bank but also enhanced the customer experience.

this preparation has not only resulted in improvements in the way we operate the bank but also enhanced the customer experience


The first store opened in Gatwick before Christmas and is delivering for us very pleasing results.

the first store opened in gatwick before christmas and is delivering for us very pleasing results


We expect free cash flow in Q1 will decline due in part to the first meaningful incentive compensation payments we will have made in 3 years

we expect free cash flow in q1 will decline due in part to the first meaningful incentive compensation payments we will have made in 3 years


Provisions for credit losses are only driven by a small number of exposures, but increased compared to the prior year.

provisions for credit losses are only driven by a small number of exposures but increased compared to prior year


more cross-border flow now that there's a major tax regime change that might make people think of where they want to


So I think that's one that goes in. Sort of where we have European competition which is

so i think that's one that goes in sort of of a -- where we have european competition which is


In November, we followed up with additional positive data from the DUET trial, which was presented in the late-breaking oral session

in november we followed up with additional positive data from the duet trial which was presented in the late-breaking oral session


bottom line, from a position standpoint, we've never been in a better position. We have a very strong pipeline of new products,

bottom line from a position standpoint we've never been in a better position we have a very strong pipeline of new products


These decisions, along with others, including more strategic usage of reinsurance structures,

these decisions along with others including more strategic usage of reinsurance structures


We do, however, pay local taxes on certain country operations when those operations are profitable on a local basis.

we do however pay local taxes on certain country operations when those operations are profitable on a local basis


are on the system and ensure that our teams will always stay in compliance, and as laws change, they come in.

are on the system and ensure that our teams will always stay in compliance and as laws change they come in


So obviously, it's in our interest to pay later rather than earlier, and we'll continue to do that as we are

so obviously it's in our interest to pay later rather than earlier and we'll continue to do that as we are


The demand for apartments is also being driven by the lack of supply and affordability of single-family homes.

the demand for apartments is also being driven by the lack of supply and affordability of single-family homes


and some folks prefer to go in a different direction. We feel good about the progress we're making and certainly

and some folks prefer to go in a different direction and we feel good about the progress we're making and certainly


One is us taking actions on addressing our manufacturing supply chain footprint

one is us taking actions on addressing our manufacturing supply chain footprint


Volume was softer than expected due in large part to the specific market dynamics highlighted by Steve earlier.

volume was softer than expected due in large part to the specific market dynamics highlighted by steve earlier


that would better leverage our capital base and increase the company's return on equity, while also providing an additional funding source.

that would better leverage our capital base and increase the company's return on equity while also providing an additional funding source